House prices up an annual 1.7% in Q3 2018

The House Price Index (HPI) for the third quarter of 2018 rose an annual 1.7% to 104.19 units, according to preliminary estimate of the Statistical Service. On a quarterly basis, the index was up 0.2%.

HPI measures the change in the average price of residential dwellings, both new and existing. The land component of the residential property is included.

The Statistical Service also announced that the Price Index of Construction Materials increased 1.7% in 2018 compared to 2017. For December the index 2018 reached 101.15 units (base year 2015=100.00), recording a marginal increase of 0.04% compared to the previous month.

The increase of the index in 2018 over the previous year is mainly due to the increase in the prices of the following materials: · Bitumen asphalt: 18.96%; Structural grid: 14.46%; Building iron: 11.95%; Aluminium doors and windows: 5.38%; Asphalt concrete: 4.97% and Structural steel: 4.44%